Venable partner Jonathan Pompan was quoted in a June 22, 2016 Legal Newsline article on the Consumer Financial Protection Bureau's (CFPB) latest efforts to expand its authority into the structured settlement and annuity payment industry. The questionable expansion of the agency's authority follows a reprimand in a recent case involving the accreditation of for-profit colleges.
"It's a young agency that has taken its mandate for consumer protection very seriously, and at the same time, been far more focused on achieving specific goals and market changes than it has on following a particular set of processes," said Pompan. "They've been very outcome-focused."
Pompan predicted that the CFPB would continue its aggressive approach to enforcing and regulating the consumer finance industry. "Companies that fall within the CFPB jurisdiction and even some that don't can find themselves contending with a bureau that very much is set on leaving its stamp before either Congress or a new president potentially changes its makeup or structure."